Charles Reed, group managing director of William Reed, said: "This is an exciting next step for The World’s 50 Best Bars. It is already the most prestigious and recognised awards in the bar industry. Working in close association with The World’s 50 Best Restaurants brand and team, we aim to take the awards to an even higher level of consumer and trade recognition, which will be an enormous benefit for the bars featured, our sponsors and for the bar sector overall.”

Hamish Smith of Drinks International added: "It's with pride that we pass over the reins of The World's 50 Best Bars to our friends at William Reed. We have created a brand with integrity and global traction that will continue to thrive under its new management.”

SITT, which stands for Specialist Importers Trade Tasting, is a UK event for trade professionals, across the independent on and off-trade sectors.

Lee Sharkey, publisher of OLN and sister title Harpers Wine & Spirit, said: “Since Judy Kendrick launched SITT more than 10 years ago it has become one of the most important and best loved tastings in the trade. It is a fantastic tasting with masses of potential.

“We think that a smaller, more drinks-focused publisher such as Agile Media will be able to really cherish this brand and develop it as we have done with our other products.”